Short answer
Be prepared to adapt your product's go-to-market strategy and business model as you learn more about market reception and competitive dynamics.
- Field
- Innovation & Design
- Source
- British Food Journal (2017)
- Method
- Conceptual framework development and exploratory case study.
- Evidence
- Moderate effect
Developing and adapting business models iteratively, rather than rigidly adhering to a single one, is crucial for successfully introducing new technologies into established industries. This innovation & design research insight is drawn from a 2017 study published in British Food Journal. Using Conceptual framework development and exploratory case study., researchers explored how this design variable affects real-world outcomes. The key design takeaway: Be prepared to adapt your product's go-to-market strategy and business model as you learn more about market reception and competitive dynamics.
Iterative Business Models Accelerate Technology Commercialization in Mature Markets
Developing and adapting business models iteratively, rather than rigidly adhering to a single one, is crucial for successfully introducing new technologies into established industries.
British Food Journal · 2017
Key Findings
- 01Companies can utilize multiple business models concurrently.
- 02Business model innovation processes can operate in parallel.
- 03High market uncertainty may lead to the adoption of closed or familiar business models.
- 04Explorative strategies are better supported by open business models.
- 05Significant strategic shifts may not necessitate radical changes to the business model.
Application
Design takeaway
Be prepared to adapt your product's go-to-market strategy and business model as you learn more about market reception and competitive dynamics.
How to apply
When developing a new product for a mature market, map out several potential business models and plan for how you will test and iterate on them post-launch.
Project actions
- 01Consider how your design could support different revenue streams or service models.
- 02Research existing business models in similar mature markets to identify potential starting points.
Method & Evidence
Variables
Strengths & Limitations
Strengths
- +Integrates multiple theoretical perspectives (entrepreneurship, strategy, innovation).
- +Provides practical insights through a case study.
Limitations
A single case study may not represent all mature markets or all types of technological innovation.
Reliability & validity
The conceptual framework provides a structured approach, while the case study offers empirical grounding. However, the single case study limits generalizability and thus external validity.
Think critically
To what extent does the 'maturity' of a market dictate the necessity for iterative business models, and are there specific design features that inherently support or hinder such adaptability?
Design Principles
"Embrace business model agility as a core component of innovation strategy."
For designers and engineers, understanding how business models evolve is key to aligning product development with market realities. This research highlights that flexibility in business strategy can de-risk innovation and improve the chances of adoption for novel technologies.
What This Means for Your Design
When trying to sell a new invention in an old industry, don't just stick to one plan for how you'll make money. It's better to try out a few different ways and change your approach as you learn what works best.
How to use in your project
- 1.Discuss how your chosen business model is iterative and adaptable to market feedback.
- 2.Justify design choices based on their ability to support potential business model pivots.
Add to My Project
Quick Cite
Paragraph starter
The commercialization of new technologies in mature markets necessitates an adaptable business model. Research suggests that firms can employ multiple, evolving business models concurrently, utilizing interim strategies to identify optimal market approaches and mitigate uncertainty. This iterative process allows for strategic flexibility, ensuring that design and product development remain aligned with market realities.
Source
British Food Journal
Business model configuration and dynamics for technology commercialization in mature markets
journal · 2017
View sourceQuestions About This Research
- What does the research say about iterative business models accelerate technology commercialization in mature markets?
- Be prepared to adapt your product's go-to-market strategy and business model as you learn more about market reception and competitive dynamics. Evidence: British Food Journal (2017).
- Why does "Iterative Business Models Accelerate Technology Commercialization in Mature Markets" matter for design?
- For designers and engineers, understanding how business models evolve is key to aligning product development with market realities. This research highlights that flexibility in business strategy can de-risk innovation and improve the chances of adoption for novel technologies.
- How can designers apply this research?
- Be prepared to adapt your product's go-to-market strategy and business model as you learn more about market reception and competitive dynamics.
- What were the main findings?
- Companies can utilize multiple business models concurrently.. Business model innovation processes can operate in parallel.. High market uncertainty may lead to the adoption of closed or familiar business models.. Explorative strategies are better supported by open business models.
- What research method was used?
- Conceptual framework development and exploratory case study..
- How strong is the evidence?
- Evidence strength is rated Moderate effect, based on a 2017 journal from British Food Journal.
- What should I do differently in my next project?
- When developing a new product for a mature market, map out several potential business models and plan for how you will test and iterate on them post-launch.
- What are the limitations?
- The findings are based on a single case study, limiting generalizability.